Bad Credit Long Term Loan
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When you make a request for a loan or credit of any sort, whether it's a bank credit card or store card, a mortgage or a loan, for instance, you will undergo a credit check by the creditor from whom you are requesting credit.
A credit check is a method that allows a financial organisation to investigate your financial history, past and present, including whether you settle your financial obligations on time, make late payments, or have neglected payments. A credit check also includes additional unresolved debts and any records of County Court Judgements (CCJ's) and other defaults.
This therefore offers the loan company details of how much financial risk you present if they choose to give you a loan - and what the likelihood is of getting the money back! In the end, nobody wants to give money to someone who won't pay it back on time or doesn't pay at all! This checking procedure is known as credit rating.
There are several organisations who store this data concerning you - the two principle ones are Equifax and Experian.
Should you be considering taking out a loan, get hold of a copy of the credit report beforehand. This is for you to examine if all the data showing on it is correct and challenge anything that is not right. For instance, only a tiny bit of erroneous information - say your credit file indicates an unresolved debt that was paid - could be the difference between getting accepted for credit - or not.
In order to get a copy of your credit record you will need to make contact with a credit record agency. You will have to pay a small amount (around £2) and you will be sent a copy for you to look at.
Make sure that your file records you on the electoral roll - if not, this will have an adverse consequence for your score. Also, financial 'associations' - where maybe someone else who lives with you or lived at your address at one time has an inadequate credit score - will influence your capacity to get any credit.
If you come across information that is incorrect on your file, contact, in writing, the company who has listed inaccurate information concerning you, and send a copy to the credit record agency too.
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